Latest news with #Progressive
Yahoo
3 days ago
- Automotive
- Yahoo
Joe Gibbs Racing announces new multi-year sponsorship deal
Since the departure of long-time partner FedEx, Denny Hamlin and Joe Gibbs Racing have welcomed several new partners to the No. 11 Toyota. Of note, Progressive signed on in a major deal that will have the insurance company back Hamlin in 18 races this year. JGR has now announced the addition of Bob's Discount Furniture, a U.S.-based furniture store with its headquarters in Newington, Connecticut. They have roughly 150 stores across the country, primarily in the Northeast, Mid-Atlantic, Midwest, and West Coast regions. Advertisement This is a multi-year deal with the company's first race set for August 3rd at Iowa Speedway. It's unclear how many races they will sponsor this year. The official paint scheme will be revealed on Thursday, July 17th in Winston-Salem, North Carolina. The location will be the grand opening of a new Bob's Discount Furniture store. Denny Hamlin, Joe Gibbs Racing Toyota Denny Hamlin, Joe Gibbs Racing Toyota Hamlin already has three wins in 2025, tied for the most among all drivers. After crashing in the battle for the Daytona 500 win, he went on to win at Martinsville, Darlington, and Michigan -- all with three different sponsors. Hamlin has carried four different primary sponsors this year. In addition to Progressive, he has raced with National Debt Relief, SportClips, Yahoo colors. Advertisement He recently missed the Cup race in Mexico City following the birth of his son, which was the first Cup race the veteran driver has missed in about eleven years. Despite that, he remains fifth in the regular season standings. Read Also: Carson Hocevar fined for making insensitive comments about Mexico Will NASCAR return to Mexico City in 2026? Despite Mexico win, SVG says "I need to keep getting better to justify" Cup ride To read more articles visit our website.
Yahoo
3 days ago
- Business
- Yahoo
TRV Outperforms Industry, Trades at Premium: How to Play the Stock
Shares of The Travelers Companies, Inc. TRV have gained 26.8% in the past year, outperforming its industry, the Finance sector and the Zacks S&P 500 composite's growth of 18.5%, 17.8% and 9.1%, respectively. The insurer has a market capitalization of $59.90 billion. The average volume of shares traded in the last three months was 1.3 million. Image Source: Zacks Investment Research Shares of Travelers closed at $264.41 on Tuesday and are trading above the 50-day and 200-day simple moving averages (SMA) of $263.84 and $251.68, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data. Image Source: Zacks Investment Research Its shares are trading at a premium to the Zacks Property and Casualty Insurance industry. Its price-to-book value of 2.13X is higher than the industry average of company has a Value Score of B. This style score helps find the most attractive value stocks. Image Source: Zacks Investment Research Shares of other insurers like The Allstate Corporation ALL, Arch Capital Group Ltd. ACGL and The Progressive Corporation PGR are also trading at a multiple higher than the industry average. The Zacks Consensus Estimate for Travelers' 2025 revenues is pegged at $49.17 billion, implying a year-over-year improvement of 5.8%. The consensus estimate for 2026 earnings per share and revenues indicates an increase of 30.7% and 6.3%, respectively, from the corresponding 2025 beat earnings estimates in each of the past four quarters, with an average surprise of 75.37%. Eight of the 14 analysts covering the stock have raised estimates for 2025, and six analysts have raised the same for 2026 over the past 60 days. Thus, the Zacks Consensus Estimate for 2025 and 2026 earnings has moved up 2.9% and 1.7%, respectively, in the past 60 days. Image Source: Zacks Investment Research Based on short-term price targets offered by 21 analysts, the Zacks average price target is $285.24 per share. The average suggests a potential 7.5% upside from the last closing price. Image Source: Zacks Investment Research Return on equity (ROE) for the trailing 12 months was 16.1%, which compared favorably with the industry's 7.8%. This reflects its efficiency in utilizing shareholders' funds. Sustained operational excellence helped generate double-digit core ROE in nine out of the last 10 years. Travelers aims to generate mid-teens core ROE over time. Also, return on invested capital (ROIC) has been increasing over the last few quarters as the company raised its capital investment over the same time frame. This reflects TRV's efficiency in utilizing funds to generate income. ROIC in the trailing 12 months was 9%, better than the industry average of 5.9%. Travelers is poised for growth, driven by solid retention rates, favorable pricing, an uptick in new business and positive renewal premium trends. The company's broad product portfolio, covering nine distinct lines of business, provides extensive coverage options. Continued execution of strategic growth initiatives, combined with stable market environments, is expected to support the expansion of TRV's auto, homeowners, and commercial insurance segments. To solidify its competitive advantage in the Bond & Specialty segment, it plans to launch products in 2025. Higher returns from the non-fixed income portfolio have been driving investment income over the last four years amid a low interest rate environment. Travelers estimates fixed-income NII, including earnings from short-term securities, to be $725 million after-tax in the second quarter, growing to approximately $755 million in the third quarter and then to around $790 million in the fourth quarter of 2025. The insurer expects the $100 billion investment portfolio to continue generating a higher level of predictable and reliable net investment margin has improved 170 basis points over the last two years on prudent has a conservative balance sheet among its peers. The insurer remains focused on keeping the debt-to-capital ratio between 15 and 25 and has been increasing its book value for the past 10 years. TRV had $4.49 billion remaining under repurchase authorization at first-quarter 2025 end. Travelers' strong presence in auto, homeowners, and commercial U.S. property-casualty insurance provides a solid foundation for future growth. An impressive history of inorganic expansion strengthens its position. Continued momentum in renewal rate improvements, high retention levels and increased new business, supported by a well-diversified portfolio and solid capital strength, is likely to sustain its earnings has been hiking dividends for the last 21 years. Its dividend yield of 1.7% appears attractive compared with the industry average of 0.2%, making it an attractive pick for yield-seeking investors. Its VGM Score of B instills confidence. Back-tested results show that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 (Buy), offer the best opportunities in the value investing despite its premium valuation, this Zacks Rank #2 stock is worth adding to your portfolio. You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report The Allstate Corporation (ALL) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report Arch Capital Group Ltd. (ACGL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Automotive
- Yahoo
Progressive Reports May 2025 Results
MAYFIELD VILLAGE, OHIO, June 18, 2025 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended May 31, 2025: May (millions, except per share amounts and ratios; unaudited) 2025 2024 Change Net premiums written $ 6,634 $ 5,975 11 % Net premiums earned $ 6,715 $ 5,857 15 % Net income $ 1,065 $ 235 353 % Per share available to common shareholders $ 1.81 $ 0.40 352 % Total pretax net realized gains (losses) on securities $ 211 $ 118 79 % Combined ratio 86.9 100.4 (13.5 ) pts. Average diluted equivalent common shares 587.7 587.4 0 % May 31, (thousands; unaudited) 2025 2024 % Change Policies in Force Personal Lines Agency – auto 10,341 8,869 17 Direct – auto 15,089 12,383 22 Special lines 6,787 6,248 9 Property 3,601 3,305 9 Total Personal Lines 35,818 30,805 16 Commercial Lines 1,184 1,114 6 Companywide 37,002 31,919 16 See Progressive's complete monthly earnings release, including the 'Monthly Commentary,' for additional information. About Progressive Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them — online at by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent. Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®. The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR. Company Contact: Douglas S. Constantine(440) 395-3707investor_relations@ The Progressive Corporation 300 North Commons Village, Ohio 44143http:// Download PDF: Progressive May 2025 Complete Earnings ReleaseError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
PGR's Property Insurance Fuels Growth: Can it Sustain the Momentum?
The Progressive Corporation PGR offers personal property insurance to homeowners, renters, and other property owners. Progressive has been consistently putting in efforts to further penetrate customer households through cross-selling auto policies and Progressive Home Advantage (PHA). This strategy enhances revenue diversification, reduces its dependence on auto insurance and strengthens customer retention and lifetime value by bundling enables Progressive to deepen customer engagement and reduce acquisition costs, thus providing a competitive advantage by leveraging its extensive auto insurance customer base for cross-selling opportunities. The buyout of American Strategic Insurance and investments in multi-product capabilities further support PGR's expansion into personal lines disciplined underwriting approach, conservative reserving, and strong reinsurance protection help manage property loss volatility. Geographic diversification helps mitigate exposure to high-catastrophe regions. The insurer is extending its data-driven underwriting and advanced telematics—initially developed for auto insurance—into the property segment to refine risk assessment and streamline claims rising consumer demand for integrated insurance solutions, Progressive is well-positioned as a one-stop provider for personal insurance needs. Its ability to bundle property and auto coverage reinforces its market positioning. Supported by a strong brand reputation, scalable infrastructure and innovative pricing technologies, Progressive is poised to capture a greater share in the expanding personal property market. While the property segment remains smaller than auto, it holds significant potential to drive future earnings growth and valuation upside. The personal property insurance businesses of The Allstate Corporation ALL and The Travelers Companies Inc. TRV have been instrumental in driving the long-term growth of these auto insurers. Allstate's growth is being driven by its personal property insurance business, supported by strategic pricing actions, broader distribution reach and stronger customer retention through bundling. Increased demand for homeowners and renters insurance, coupled with disciplined underwriting, is leading to higher premium growth and improved profitability at is experiencing growth in its personal property insurance business on solid renewal premium increases, prudent risk selection and strategic pricing. Its focus on customer retention and digital innovation is reinforcing its market position, leading to higher premium income and improved underwriting performance for Travelers. Shares of PGR have gained 10.9% year to date, outperforming the industry. Image Source: Zacks Investment Research PGR trades at a price-to-book value ratio of 5.39, above the industry average of 1.56. But it carries a Value Score of C. Image Source: Zacks Investment Research The Zacks Consensus Estimate for PGR's second-quarter and third-quarter 2025 EPS has moved up 11.6% and 1.4%, respectively, over the past 30 days. The same for full-year 2025 and 2026 has increased 2.3% and 0.7%, respectively. Image Source: Zacks Investment Research The consensus estimates for PGR's 2025 and 2026 revenues and EPS indicate year-over-year increases. PGR stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report The Allstate Corporation (ALL) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Automotive
- Yahoo
Self-driving cars: Fewer accidents may not lead to cheaper insurance
Autonomous vehicles could eventually lead to fewer car accidents and shake up the $400 billion U.S. auto insurance industry, but don't bank on lower premiums anytime soon. That's according to a recent Goldman Sachs research note cited by Bloomberg, which suggests the types of risks insurers cover in the future may shift rather than disappear. 'Autonomy has the potential to significantly reduce accident frequency longer-term and reshape the underlying claim cost distribution and legal liability for accidents,' Goldman Sachs analyst Mark Delaney and colleagues wrote in a client note, per Bloomberg. Goldman analysts predict insurance costs will decrease by more than 50 percent in the next 15 years, from around $0.50 per mile in 2025 to $0.23 in 2040. However, they still expect modest growth in auto insurance premiums for at least the next 10 to 15 years, Bloomberg reported. Part of that is because newer tech-heavy cars have pushed up repair expenses, leading to higher costs per claim. 'Even a minor fender bender is very expensive for many vehicles today,' Mark Friedlander, spokesman at the Insurance Information Institute, an industry trade group, told NewsNation. Auto insurance giant Progressive warns on its website that self-driving cars aren't likely to lower insurance rates and could even drive up costs due to expensive repairs. Self-driving cars may also pose new risks for insurers, such as cybersecurity threats, which could increase the need for cyber coverage, both Friedlander and the Goldman analysts noted. Ajit Jain, Berkshire Hathaway's insurance head, also sees major shifts ahead and recently said he expects the car insurance business to 'change dramatically' once self-driving cars become a reality. 'Most of the insurance that is sold and bought revolves around operator errors and how often they happen, how severe they are, and therefore what premium we are to charge,' Jain said at the company's annual meeting in May. If autonomous vehicles prove to be safer — and involved in fewer accidents — traditional auto insurance may become less necessary and could be replaced by product liability, Jain said. Liability for an accident becomes especially complex when a computer is behind the wheel, and it remains a central question in an ongoing debate. Who pays for damage caused by technology rather than human error? Is the carmaker or the software company responsible? And what if the accident results from a cyberbreach? These questions are still being hashed out. For now, autonomous vehicle regulations vary from state to state, though clearer federal standards may be coming soon. Widespread adoption of fully autonomous vehicles may still be years away, but progress is being made, as evidenced by Waymo's expansion of its robotaxi service to new cities. Earlier this week, tech billionaire Elon Musk said Tesla tentatively plans to start offering rides in its self-driving robotaxis in Austin, Texas, on June 22. 'We are being super paranoid about safety, so the date could shift,' Musk wrote Tuesday on social platform X. As for the future of car insurance, Friedlander cautioned against looking too far ahead and highlighted immediate challenges driving up insurance rates for consumers — namely, higher parts and labor costs. 'In the short term, we're looking at impacts of tariffs, which could significantly increase the cost of auto insurance,' Friedlander said. The latest Consumer Price Index, released Wednesday, showed that the cost of motor vehicle insurance rose 7 percent over the past year. Since the COVID-19 pandemic, those prices have jumped nearly 60 percent, according to a Bankrate analysis of CPI data. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
